\begin{table}[h!]
    \centering
    \caption{Developer Participation Responses to Variation in 421-a Incentive: Simulated Instruments GMM Results}
    \label{tab:siminst_est}
    \small
    \begin{tabular*}{\textwidth}{@{\extracolsep{\fill}}lcccc@{}}
\toprule
 & (1) & (2)            & (3)              & (4)            \\  \addlinespace
                 & None     & \multicolumn{3}{c}{Borough Fixed Effects}\\ \cmidrule{2-2}\cmidrule{3-5}
                   & No Controls       & No Controls   & Lot Controls  & Lot \& Block Controls   \\ \midrule \addlinespace
421-a Incentive           & 5.419***    & 6.506***      & 5.525***        & 6.588*** \\
                         & (0.384)    & (0.986)      & (1.009)        & (1.060) \\ \addlinespace 
$N$                       & 11,460    & 11,460      & 11,448        & 11,445  \\
Clusters & 178    & 178      & 178        & 178 \\ \addlinespace \midrule \addlinespace 
 Std.\ Dev.\ of $e_i$                      & 0.335***    & 0.279***      & 0.328***        & 0.296*** \\ 
   & (0.024)    & (0.042)      & (0.060)        & (0.053) \\\addlinespace \bottomrule
\end{tabular*}
      

        	\begin{spacing}{1}
\begin{tablenotes}
      \item \footnotesize \textit{Notes:} This table reports estimates from Equation \ref{eq:gmm} of the participation effects of the present-value tax-rate differential $\Delta\tau_i$ from providing onsite inclusionary housing under the 421-a exemption. All specifications include fixed effects for the borough and year of initial permit issuance. For comparison, see Columns 1--4 of Table \ref{tab:main_logit}, which estimates  Equation \ref{eq:logit}, which is otherwise identical to Equation \ref{eq:gmm} but does not instrument for $\Delta\tau_i$ using the simulated instruments approach. Standard errors are clustered at the neighborhood level. $\sym{*} = p < 0.10$, $\sym{**} = p < 0.05$, $\sym{***} = p < 0.01$.
      \end{tablenotes}
       \end{spacing}
\end{table}